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This section examines how globalisation, primarily driven by multinational corporations (MNCs), has transformed international trade and economic relations. The rise of MNCs, technological advancements, liberalisation of trade policies, and the pressure from international organisations like the WTO are key factors shaping this process. The impact of globalisation is explored through various examples, particularly in the Indian context.
Globalisation refers to the integration of economies, cultures, and societies across borders, primarily through foreign trade and investments by multinational corporations (MNCs). Over the past three decades, MNCs have expanded their operations globally, fundamentally altering the landscape of international commerce.
Integration of countries through trade: Globalisation connects countries economically and culturally.
MNCs play a crucial role: Multinational corporations are key drivers of globalisation, impacting trade and investment.
Technological advancements: Improvements in technology streamline global trade and reduce costs.
Liberalisation of policies: The removal of trade barriers enhances global commerce and investment opportunities.
Impact variations: The effects of globalisation are not uniform, benefiting some while disadvantaging others.
In a global view, trade flows through, MNCs bring options, it's all about you!
Once upon a time, countries were separate lands, but with trade and MNCs’ helping hands, they learned to cooperate and grow, connecting markets like a vibrant flow.
TIL - Technology, International Organizations, Liberalisation: the forces behind globalisation.
Apple Inc. sources components from various countries, showcasing how MNCs utilize global networks for production.
The introduction of Chinese toys in India led to increased competition, benefiting consumers but harming local producers.
Term: Globalisation
Definition: The process of increased interconnectedness among countries through foreign trade and investment.
The process of increased interconnectedness among countries through foreign trade and investment.
Term: Multinational Corporation (MNC)
Definition: A company that operates in multiple countries, managing production or delivering services.
A company that operates in multiple countries, managing production or delivering services.
Term: Liberalisation
Definition: The removal or reduction of government restrictions on trade and investment.
The removal or reduction of government restrictions on trade and investment.
Term: World Trade Organization (WTO)
Definition: An international organization that regulates international trade and promotes trade liberalisation.
An international organization that regulates international trade and promotes trade liberalisation.
Term: Foreign Trade
Definition: The import and export of goods and services between countries.
The import and export of goods and services between countries.
Term: Foreign Investment
Definition: Investment by a company or individual in assets or businesses located in another country.
Investment by a company or individual in assets or businesses located in another country.
Term: Technology
Definition: The application of scientific knowledge for practical purposes, significantly influencing productivity and trade.
The application of scientific knowledge for practical purposes, significantly influencing productivity and trade.